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Ethereum has cemented itself back firmly as the second largest cryptocurrency in the world.
It has been in second spot according to CoinMarketCap ever since the website took the controversial decision to exclude the three Korean exchanges from the averages “due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.”
Cryptocurrencies generally traded at higher values on the Korean exchanges compared to other exchanges in the USA and around the world. Arguably, this made the prices appear more realistic for English-speaking currency traders, however it affected the market capitalisations of those currencies.
Therefore, Ethereum was catapulted back into second place to replace Ripple. It is the only major cryptocurrency to register any gains over the last day, gaining over 13%.
It remains to be seen which cryptocurrency will eventually be the dominant currency, as Bitcoin is regarded as having inferior technology to some of the new options on the market.
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.